With benefits that can include weight loss, white teeth, glowing skin, and shiny hair, it's the health and beauty cure-all du jour.

Move over, coconut water, your big sister has come to town. Coconut oil—specifically, virgin coconut oil extracted from the meat of the fruit—is suddenly on the lips (and in the mouths) of everyone from holistic-minded celebs to the most skeptical mainstream doctors. Proponents claim that coconut oil can boost metabolism, brighten your teeth, and strengthen immunity. The oil is also taking a star turn in body balms, beauty treatments, anti-agers, and even hair products because of its ability to lock in moisture without the use of petroleum-based ingredients or other chemicals. Model Miranda Kerr is a charter member of the coco club. "I've been including coconut oil in my diet for years because of the health benefits," she says. "I add it to salads and smoothies; I cook with it. I smooth it all over as a hydrating treatment."

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"Coconut oil is unique in its chemical makeup," says Bruce Fife, a nutritionist and naturopathic doctor, and the author of The Coconut Oil Miracle. "Most of the fat we eat is made up of long-chain fatty acids, but coconut oil is predominantly medium-chain fatty acids, which are processed differently. They're sent to the liver, which recognizes them as a source of fuel." Though coconut oil has about 120 calories per tablespoon, Fife swears that it won't pack on pounds. "It kicks your metabolism into a higher gear, so you get a boost of energy and burn calories at a faster rate," he explains. "And because fat tends to be more satisfying, it makes you feel full." Fife, who recommends eating one to three tablespoons of virgin coconut oil daily, also touts its ability to fight inflammation. A good-quality, readily available option is Carrington Organic Unrefined Extra Virgin Coconut Oil ($8).

Christopher Ochner, an assistant professor at Icahn School of Medicine at Mount Sinai Hospital in New York and a nutrition and obesity expert, is reserving judgment. "There is anecdotal evidence that certain types of all-natural saturated fats have health benefits, but there is no convincing evidence that coconut oil speeds up metabolism or helps burn more fat." But, Ochner adds, there may be something to another claim: "Medium-chain fatty acids may improve memory function because they promote the production of ketones, a source of fuel for the brain." Fans are finding novel ways of go-ing coco. Oil pulling may sound like something dreamed up by an aggressive auto mechanic, but it's actually an ancient ayurvedic dental remedy that is all the rage. The practice, said to whiten teeth by reducing plaque, improve gum health, and sweeten breath, is simple (if not exactly fast): Once a day, swish three spoonfuls of virgin coconut oil in your mouth for 20 minutes before rinsing. Marc Lowenberg, a New York cosmetic dentist who tends to the smile of Julianna Margulies, is giving the trend his blessing. "Most toxins in our bodies are fat soluble," says Lowenberg. "When you swish the oil in your mouth, the toxins merge with oil so that when you expectorate, you are spitting out the toxins. Studies have shown that plaque levels are significantly reduced."